Should I Sell Now or Wait Until Next Year?

Should I Sell Now or Wait Until Next Year?

Thanks for joining us today. Year after year we get asked whether it’s better to sell during the holiday season or wait until after the first of the year.  

The truth is it really depends on your situation. That’s why we wanted to talk about the pros and cons of both selling now and waiting.

Most people assume that the real estate market is dead during the holidays; who is looking for homes?

While there may be fewer buyers on the market, those that are looking are serious.  Think about it; who wants to take time out of their holiday plans to look at homes and deal with the loan process? Those buyers need to buy whether it’s for tax purposes, relocation, etc.

Do you know what else is great about selling during the holidays? There’s less competition. Tons of people decide to wait until spring to sell their home.  With more homes on the market, there is less demand for yours.

Let’s think about supply and demand. If you put your home on the market now, when there is low inventory, there is a high demand for your property. That means more money for you! If you list during the spring, when there are a lot of others homes, yours isn’t nearly in as much demand. That means less money for you.

Homes also look great during the holidays. With lights, decorations and the smell of cooking, buyers become emotional. It makes it so much easier for a buyer to fall in love with your home.

You may be worried about the seasonality. What if there aren’t enough buyers out now? In reality, because we have so many international buyers now playing a role in our market, the time of the year doesn’t have a huge effect.

These are just a few reasons why selling now could be a great way for you to get the most money on your home. We want you to give us a call, though. We can talk about your situation; create market analysis to find out whether selling now or waiting is the best option for you.

Remember if you or anyone you know is looking to buy or sell real estate, give the Monica Diaz Team a call because remember MONICA MAKES IT HAPPEN!

I Want to Wish You a Happy Thanksgiving!

I Want to Wish You a Happy Thanksgiving!

The season of giving is upon us and I wanted to give thanks to you and everyone else that has touched our lives this year. I hope you also take this time to offer thanks to the people who have helped you through this past year. I wish you a safe and Happy Thanksgiving and you can watch my latest video to hear my holiday message!

If you or anyone you know is looking to buy or sell, keep Team Diaz in mind because remember MONICA MAKES IT HAPPEN!

How to Maximize Your Home’s Appraisal Value

How to Maximize Your Home’s Appraisal Value

One of the most important elements of pricing your home to sell is your appraisal value. Both buyers and their lenders want to know your home is worth the price tag. So how can you maximize your home’s appraisal value? There are eight simple, yet effective ways to getting a higher value.

Step 1:Make sure your home is clean and offers great curbside appeal.
First impressions are important. Make sure to maintain your landscaping. Remove your cars from the driveway to reduce the appearance of clutter.

Step 2: Keep and Maintain an itemized list of all updates and upgrades you’ve done to your home.
Be prepared to show the money you’ve invested to increase your home value.

Step 3: Do your homework.
Keep comps on hand of homes similar to yours to show the appraiser. Every bit of information helps increase your appraisal value.

Step 4: Pay attention to the improvements that will increase your home’s value.
There are certain upgrades you can do that increase your value and yield better returns on investment: hardwood floors, lighting, plumbing fixtures, kitchen and bathrooms.

Step 5: Always apply the $500 rule.
Any repairs that cost more than $500 actually account against your home’s value. Fix what needs to be fixed, such as broken windows or any structural damage.

Step 6: Play up your location.
If there have been any recent changes to the neighborhood such as a new school, retail store or if your home is near a landmark, make sure to mention it to the appraiser.

Step 7: Make the appraiser feel at home.
This is one of the most important steps. Make sure the home is at a comfortable temperature. If you have a pet, board it for the day.

Step 8: Ask questions after the appraiser has appraised your home.
I know you may get excited or anxious to talk to the appraiser while they are inspecting your home, but wait. Don’t follow the appraiser around your home. They are there to do their job; let them do it. Once they have completed the appraisal, you can ask your questions.

If you’re thinking about making improvements to your home, make sure you don’t ‘over-improve.’ Call me and we can discuss what repairs your home actually needs. Your home should match your neighborhood’s environment.

If you have any questions about how to maximize your home’s appraisal value or if you need referrals for some great appraisers, call me. I’m here to be your real estate resource.

If you or anyone you know is looking to buy or sell, keep Team Diaz in mind because remember MONICA MAKES IT HAPPEN!

Will a Foreclosure or Short Sale Stop You From Purchasing a Home?

Will a Foreclosure or Short Sale Stop You From Purchasing a Home?

We are fully aware of the trend from years past of foreclosures and short sales, but what does it mean for you and your credit? Today, I wanted to talk to you about how you can improve your credit score if those blemishes are present and also what your options may be. To help with this, I have Adrian Enriquez and Lauren Lazalde of American Financial Network here to educate you on how to move forward in the event of foreclosure, short sale and even medical collections you haven’t been made aware of.

“Our goal when getting you prequalified is to point you in the right direction and tell you the exact steps you need to take in order to close escrow and to be put in the position to purchase a home,” Lauren stated. When we look at your credit, our main objective is to improve it so you are able to obtain a better interest rate and be in the best position possible to purchase your next home.

“We to make sure we address all issues before you open escrow so we do not drag you through a ten day process and you find out that you have these collections on your credit report that are randomly popping up,” Adrian added. “With FHA and conventional, there are a couple different ways you can go about it and they are each going to have their own seasoning,” Lauren continued. She also explained that if you were current on your payments with your short sale, you can immediately move towards an FHA purchase.

It is also phenomenal that with a 20% down payment on a conventional loan and a foreclosure from the past year, you are still able to move forward. In regards to an FHA purchase, the underwriters will compare purchasing scenarios in order to prevent people from taking advantage of the market. Do keep in mind that FHA requires three years from your most recent short sale or foreclosure and Adrian outlined that you have to be current with your trade lines, reestablish your credit and have a minimum FICO score of 620 to move forward. We will be there for you beforehand to address any of these issues.

For example, if a first-time buyer was to enter the market with a credit score of 630, there is a limit of investors we can sell the loan to as their credit score needs to be above 640. If the buyer is in the 620-639 range, there is a FICO hit because it is considered “risk-based pricing.” Adrian explained that as direct lenders, they will work to raise your credit score and ultimately achieve the customer a lower interest rate. This may be in the form of paying down debt and addressing any derogatory comments on your credit report by identifying whether they are valid or not.

“Even more specifically, we are going to look at your trade lines where you have a high credit limit and the balance is very close to that high credit limit, those are the triggers that those are the accounts when paid down, they will yield the most points to your credit score,” Lauren added. The lenders are able to run scenarios and obtain the specific number of FICO points that will raise your credit score to be done in preparation to ensure you are able to make offers right away. This process can be completed within 3 business days, the points will show on your credit score.

If you have questions pertaining to your FICO score, I strongly suggest contacting Adrian Enriquez or Lauren Lazalde. Discover how you can proceed in purchasing your next home and live in a way you never deemed possible. And Remember, when looking to buy or sell a home, Monica makes it happen!

Why is American Financial Network our Preferred Lender?

This week, we have a very special treat for you. As you know, we partner with the very best in the industry and part of that is some of the lenders we refer our clients to. With thousands of lenders available, why do we choose to work with American Financial Network?

“As you know, Monica Diaz is known for being very aggressive, effective in getting you into escrow and delivering the greatest customer service that is available, and we are an extension of that,” Lauren Lazalde of American Financial Network . “We are excited to get you into that home as much as you are to get those keys. We want to tell you exactly how you are going to get there,” she continued. American Financial Network will aggressively represent you in getting you into escrow, following up with the listing agent and if need be, adding a per diem to ensure you have a firm offer on the table. Another reason I choose American Financial Network is because they work 24/7; your hours are their hours.

“We as a direct lender have access to guidelines, Wells Fargo, Chase, and Bank of America,” Arian said. This means if one bank denies your application, American Financial Network can prequalify you and utilize the access of all other banks to assist you in your phone purchase and “putting you in a program that best suits your needs,” Adrian added.

Also, Adrian explained that their specific branch has four underwriters on staff to aid volume. American Financial Network is local and their underwriters are just a walk down the hall to provide immediate answers to our client’s questions.

If you have any questions for Adrian or Lauren, please give them a call. I am putting my reputation and my name at stake because they are truly amazing. Remember, Monica makes it happen!

What To Expect Upon Entering Escrow

What To Expect Upon Entering Escrow

Hello it's Monica Diaz!  Welcome to my video blog! 

In a recent video we offered you the point of view of our exclusive escrow partner Juliana Tu of Viva Escrow.  Today we wanted to talk about what you can expect as a Buyer upon entering escrow.

The first thing to understand is you are fully immersed in the transaction. Escrow is open and there are necessary time frames to observe along with initial steps to take before you become a new homeowner.

Most importantly, you must be aware of all the terms stated in the contract you just signed.  Are there contingencies? If there are, what are the time frames of these contingencies? 

For example there may be contingencies for the loan, the appraisal and perhaps the inspection.  You must be able to deal with any one of these contingency scenarios.  For example on a loan contingency, are you prepared to deal with your lender and the various requests for documentation needed to fulfill the closing of your loan?

Now you understand the specific terms of your contract, your first step is to deliver your "Good Faith Deposit" to the Escrow Office.  You've already agreed to this amount in your purchase contract.

Upon delivering your GFD to Escrow you will have disclosures provided to you by the seller.  Make sure you take the time to read and familiarize yourself with all the details of the disclosures. Ask questions to your agent if you are not completely clear on any of the details.

Once you've read and familiarized yourself with the disclosures, it's important to order your home inspection so a licensed professional can thoroughly inspect the property and offer a professional opinion as to the condition of the home.  You can order as many professionals as you want to report on the condition of the house i.e. a roofer, plumber etc.  Keep in mind it is totally your right as a buyer to request the seller to fix or credit you for any issues you are concerned with.  But you also don't want to frustrate the seller by wanting to make an old house new.  This is also the crucial time for you as a Buyer to decide if this is a home worthy of purchase.

Now that your Home Inspection is done and you've decided you are 100% committed to purchasing, the next step is make sure the appraisal supports your purchase price.  If it does, you will need to make sure your loan is approved.  Once it is, you will be asked to remove any remaining contingencies by the seller.  It is here you will want to meet or speak to your agent so you understand what this means to you.

You have now entered the home stretch...once your loan is approved and released for loan documents, you will make an appointment with escrow to sign at escrow or with a mobile notary (which is an added charge).  Make sure and schedule your walk through with your agent to ensure the home is essentially in the same condition as when you entered into escrow and/or any agreed upon repairs were completed. 

The final step is waiting for your loan to fund and then record!  Once the sale has recorded, your possession period depends on what was agreed upon in the contract.
Congratulations...you now own your new home!

As always, if you ever know of a friend, co-worker, relative or even a member of your social communities like Facebook, interested in buying or selling property, connect with me today!

AND REMEMBER-"MONICA MAKES IT HAPPEN"!!!

Government Shutdown: True or False?

Hello it’s Monica Diaz! Welcome to my video blog! By now most of you not living on a deserted island have heard all you wanted to hear about this Government shutdown nonsense.

A lot of my peers have also produced some informative videos detailing how it may effect certain segments of the population.

The Monica Diaz Team wants to put all the rumors to rest by playing a True or False game with you, our viewers. We want you to be FULLY INFORMED of what the shutdown means and how it may or may not affect you as you attempt to negotiate/transact through the situation.

True or False: The IRS is playing a negative role in this escapade.

TRUE. Any mortgage backed by Fannie Mae or Freddie Mac must verify a borrower’s income with the IRS. Because the IRS agents are shutdown, verification paperwork isn’t being processed.

True or False: FHA lenders are also shut down.

FALSE. FHA lenders have the authority to make their own underwriting decisions and don’t need the IRS to verify incomes.

True or False: Borrowers who are already far along in the underwriting process are unlikely to be affected.

TRUE. There are skeleton staffs working at the housing administration level and they are appropriating based on a first in, first out model.  You may experience a slight delay but for the most part your loan should still close within previously established time frames.

True or False: Applying for a Re-Fi right now is good strategy!

FALSE. Anyone applying for a Re-Fi or a New Mortgage is looking at anywhere from 45-90 day wait times (and perhaps longer depending on when the shutdown ends). 

True or False: You should steer clear of Wells Fargo and other TBTF Banks until the shutdown ends!

TRUE. Wells Fargo has already gone on record and stated "new applications will not get completed until after the shutdown ends and borrowers income claims can be officially verified."

True or False: The Government Shutdown will not affect the Housing market very much, or at all.

FALSE. Honestly, if the Shutdown lasts more than a few weeks or even longer, home sales could come to a crashing halt which could significantly weaken our overall economy.

With that said, I implore all of us working inside the Real Estate business to take an active role in being a valuable communicator to your clients as we try and navigate these turbulent times. Be reassuring as much as possible to keep emotions calm asking for patience and logic and reason to rule your decision making.

Your clients will thank you for it long afterwards.

As always, if you ever know of a friend, co-worker, relative or even a member of your social communities like Facebook, interested in buying or selling property, connect with me today!

AND REMEMBER-"MONICA MAKES IT HAPPEN"!!!